Renegotiating

Renegotiating involves the process of revisiting and revising the terms of a previously agreed-upon agreement, contract, or arrangement. This can involve changing the conditions, clauses, or financial aspects to better suit the needs or objectives of one or both parties. It implies a willingness to compromise and find mutually acceptable solutions after circumstances, market dynamics, or individual needs have changed, potentially leading to a new version of the agreement. The goal is usually to improve the initial agreement or find a fairer arrangement for all parties involved.

Renegotiating meaning with examples

• The company's suppliers found that due to rising raw material costs they were forced to renegotiating existing contracts. They opened talks with clients, including us. They needed to adjust pricing to maintain profitability. The renegotiation aimed to allow them to fulfill their obligations without facing financial hardship, ensuring continued supply.
• Following a period of significantly slower sales, the team had to go through a period of renegotiating its marketing budget. They were forced to restructure marketing campaigns to adapt to evolving consumer behavior and cut costs. The objective was to increase efficiency and drive sales while utilizing a reduced financial budget.
• Before we buy any property, we always suggest renegotiating the sale contract with the seller to make sure all the conditions and fees are reasonable and transparent. These conversations often revolve around adjustments to the purchase price. In addition to this they include inspection contingencies, and financing terms.
• After a change in leadership, the union representatives started the process of renegotiating the existing labor agreement. They were seeking better wages, improved benefits, and enhanced job security for their members. The talks focused on updating the terms to reflect current economic conditions and worker expectations.